Has the Correction Begun?

Sure the indexes are hitting new highs, but below the surface stocks are weaker than they look. Market leaders have broken down, and small-caps are hurting.

One down-day does not make a bear market. But to quote famed trader and teacher Larry Williams, "every bear market in history has begun with new market highs."

The task now is to decide if we have just seen a wiggle or the end of the road for the bulls. We've only seen one bad day, sparked by a weaker-than-expected ADP jobs report. However, the evidence is once again mounting on the side of the long-awaited correction.